Iraq and Kuwait sign a joint contract in the first agreement to invest common fields


Release date:: 2019/8/2 20:02

Iraq and Kuwait have signed a joint contract with the company “ERC Equipoise Pte.Ltd.UK” “global consultant” on the preparation of studies on the optimum investment of border fields between Iraq and Kuwait.

The head of the Iraqi side, Director General of Petroleum Contracts and Licensing Department at the Ministry of Oil Abdul-Mahdi Al-Ameedi said that the signing of the contract was the culmination of the work of the Iraqi-Kuwaiti Committee, an important step to strengthen the ties of bilateral relations between the brothers, and stressing the keenness of the government and the ministry to resolve all outstanding issues between the two countries. And to expand the horizons of cooperation between them in all fields, including the oil and energy sector. Abdul-Mahdi said that the global consultant will provide us with all the information on oil reservoirs and the size of reserves and other information, which paves the way for joint investment between Iraq and Kuwait.

For his part, the Kuwaiti side’s Undersecretary Sheikh Talal Al-Fahad Al-Sabah praised the bilateral relations between the two countries, appreciating the role of the joint committee which worked seriously resulting in this historic agreement and this important contract with the international consultant, stressing the depth of brotherly relations between the two brotherly peoples. The happiness and pride of what has been achieved, which charts serious features of the nature of the distinct relations that are rising towards broader and more comprehensive horizons.

The head of the consultant company (ERC) global that his company will start work in accordance with the contract, and prepare studies and collect technical information, in preparation for the conclusion of an agreement between the two parties for joint investment.

Oil Ministry spokesman Assem Jihad stressed the importance of this agreement between the two brotherly countries and the importance of this contract, which provides for the company to prepare technical and reservoir studies for the joint productive border fields, namely (Dome of Safwan – Abdali) and field (South Rumaila Rattka – Al-Ratqa field). And exploiting and investing the common border fields between the two countries in a way that guarantees the right of each party in these fields. ”

The ministry spokesman said that this agreement is the first in the history of the oil industry, and the first step towards the conclusion of new agreements regulating the investment and the optimal exploitation of the common border fields with neighboring countries in accordance with the formulas, mechanisms and international agreements adopted.

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